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China to lower tariffs on more than 850 imports

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China to lower tariffs on more than 850 imports

China will lower import tariff rates for frozen pork, high-tech products and other goods beginning Jan. 1, 2020, while it aims to complete a phase one trade deal with the U.S.

A total of 859 product categories will be temporarily subject to lower tariffs next year, according to a statement released by the Chinese Ministry of Finance. The list also includes imports of frozen avocados, anticancer and anti-diabetes drugs, OLED screens and certain semiconductors.

Even lower tariffs will apply on goods from countries that have bilateral trade deals with China, such as New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Chile, Georgia and Pakistan.

China will further lower relevant import tariffs for Switzerland and signatories of the Asia-Pacific Trade Agreement from July 1, 2020, while the temporary tariff rate for seven IT products will be canceled effective the same date, according to the statement.

Meanwhile, China removed its preferential trade status for Equatorial Guinea, effective Jan. 1, 2020.